Londonmetric Property has agreed to terms for a cash and stock offer to acquire Urban Logistics REIT (SHED).
The company is valued at £698 million ($928 million).
LondonMetric said the combined group would have a portfolio worth £7.3 billion ($9.7 billion) and a pro forma market cap of £4.4 billion ($5.9 billion).
“Urban warehousing remains our strongest conviction call for organic rental growth across the U.K. real estate market,” said Andrew Jones, LondonMetric chief executive.
Urban Logistics is a U.K.-focused logistics real estate investment trust, while LondonMetric is a Financial Times Stock Exchange (FTSE) 100-listed real estate investment trust.
